Third Point Reinsurance Ltd. (NYSE:TPRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The brokerage presently has a $15.00 price target on the insurance provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 7.91% from the stock’s previous close.

According to Zacks, “Third Point Reinsurance Ltd. is a property and casualty reinsurance company. The Company operates in two segments: Property and Casualty Reinsurance and Catastrophe Risk Management. Third Point engages in underwriting property, auto, workers compensation, and crop quota share contracts for insurance and reinsurance companies. It also underwrites property catastrophe exposures and writes excess of loss catastrophe reinsurance. Third Point Reinsurance Ltd. is based in Bermuda. “

Several other research firms also recently weighed in on TPRE. Keefe, Bruyette & Woods upgraded Third Point Reinsurance from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $14.00 to $15.00 in a research note on Monday, May 8th. TheStreet upgraded Third Point Reinsurance from a “c” rating to a “b-” rating in a research note on Thursday, May 4th. Morgan Stanley reiterated an “equal weight” rating and set a $15.00 price target (up previously from $14.00) on shares of Third Point Reinsurance in a research note on Friday. ValuEngine downgraded Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a research note on Saturday, July 1st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $15.00.

Third Point Reinsurance (NYSE TPRE) opened at 13.90 on Friday. Third Point Reinsurance has a 52-week low of $11.05 and a 52-week high of $14.55. The firm’s 50-day moving average is $13.20 and its 200-day moving average is $12.23. The company has a market capitalization of $1.46 billion, a PE ratio of 8.06 and a beta of 1.22.

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In other Third Point Reinsurance news, insider J. Robert Bredahl sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $14.11, for a total value of $1,128,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Christopher S. Coleman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $12.75, for a total value of $63,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $1,510,550 in the last quarter. 36.93% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Third Point Reinsurance by 6.8% in the first quarter. Vanguard Group Inc. now owns 4,685,642 shares of the insurance provider’s stock valued at $56,696,000 after buying an additional 297,061 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Third Point Reinsurance by 16.6% in the first quarter. TIAA CREF Investment Management LLC now owns 3,092,764 shares of the insurance provider’s stock valued at $37,422,000 after buying an additional 440,948 shares in the last quarter. United Services Automobile Association increased its position in shares of Third Point Reinsurance by 12.3% in the first quarter. United Services Automobile Association now owns 972,070 shares of the insurance provider’s stock valued at $11,762,000 after buying an additional 106,590 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Third Point Reinsurance by 52.9% in the first quarter. Dimensional Fund Advisors LP now owns 779,205 shares of the insurance provider’s stock valued at $9,428,000 after buying an additional 269,525 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Third Point Reinsurance during the fourth quarter valued at approximately $8,499,000. Institutional investors and hedge funds own 68.68% of the company’s stock.

About Third Point Reinsurance

Third Point Reinsurance Ltd. is a holding company. Through the Company’s reinsurance subsidiaries, it provides property and casualty reinsurance coverage to insurance and reinsurance companies. The Company’s segments include Property and Casualty Reinsurance, and Corporate. The Company’s investable assets are managed by its investment manager, Third Point LLC.

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